Lawrence Venture Fund expands to $2.5 million
by Lisa Kashinsky, Eagle Tribune
The initial $1 million in the venture fund was provided by four contributors – Eastern Bank, Enterprise Bank, TD Bank and the Merrimack Valley Federal Credit Union – each of whom committed $250,000. On top of that, the city of Lawrence contributed $100,000 to serve as a loan loss reserve fund should a loan go into default.
It's managed by Mill City Community Investments, a community development financial institution that provides loan programs and technical assistance to low- and moderate-income communities.